Real Estate

WASHINGTON, May 16 /PRNewswire-USNewswire/ — The Office of the
Comptroller of the Currency issued an advisory today that provides advice
to help prevent borrowers from becoming victims of foreclosure rescue
scams.

“Foreclosure rescue con artists take advantage of vulnerable people who
have fallen behind on their mortgages and may be facing foreclosure,” said
Comptroller of the Currency John Dugan. “People facing difficulties with
their mortgages should contact their lender - or a legitimate financial
counselor - sooner rather than later. Lenders are often in the best
position to help by identifying options or modifying the loan, especially
if the borrower is current on the loan or not seriously late on payments.”

The OCC Consumer Advisory outlines what people should watch out for to
avoid foreclosure rescue scams and provides a list of resources people can
use to find qualified sources for help.

Most foreclosure rescue scams fall within three categories. In
lease-back or repurchase scams, the con artist convinces a borrower to sign
over their deed in return for a promise to lease back or eventually
repurchase the property. Refinance fraud involves a situation where the
borrower believes the transaction is a refinance, but in fact the fraud
involves transfer of property ownership to the con artist. Bankruptcy
schemes involve repeat bankruptcy filings to get a temporary stay order to
delay foreclosure, but can result in damaging the consumers’ credit without
saving their homes.

Related Links:



— OCC Consumer Tips to Avoid Foreclosure Rescue Scams
(http://www.occ.treas.gov/ftp/ADVISORY/2008-1.html)
— http://www.HelpWithMyBank.gov
The Office of the Comptroller of the Currency was created by Congress
to charter national banks, to oversee a nationwide system of banking
institutions, and to assure that national banks are safe and sound,
competitive and profitable, and capable of serving the banking needs of
their customers in the best possible manner. OCC press releases and other
information are available at http://www.occ.gov. To receive OCC press
releases and issuances by email, subscribe at
http://www.occ.gov/listserv.htm.



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Source: Real Estate Newswire